FB Magazine DEC 2020
Ir Professor T.C. Edwin ChengIASCYS Academician, FHKEng, ScD, PhD
Dean, Faculty of Business
The world continues to fight the COVID-19 battle and is now close to securing the first effective vaccine. For almost a year, this unprecedented health, economic, and social shock has significantly affected almost all segments of society, hitting the poor and vulnerable badly, widening education and socio-economic inequalities, and dashing our hopes of achieving the United Nations’ Sustainable Development Goals (SDGs).
Reversing progress towards the SDGs and pushing millions of people into extreme poverty, the global pandemic is a call for all of us to rethink universal goals, especially those of fostering inclusion, equity, and sustainability. As we enter into a new era, it is time to press the reset button and start building a fairer, greener, and safer world. Achieving a sustainable recovery and preparing for the next set of global challenges, most likely related to climate and the environment, demands the collective effort of policymakers, researchers, businesses, and the public.
A distinctive feature of the post-corona world - the new normal - will be the need to ensure sustainable development. To create long-term value, firms should integrate environmental, social, and governance (ESG) principles into their policies and strategies, investments, production, and operations. They should rise to not only economic but also societal and environmental challenges. Meeting the needs and expectations of all stakeholders, instead of just shareholders, will be crucial for surviving and thriving in the new normal.
The theme of this final issue of the 2020 edition of the FB Magazine is “Achieving Sustainability in the New Normal”.
As the world battles hard against the coronavirus and counts on corporate involvement when governments cannot fulfil certain roles, a faculty member explains the idea of political corporate social responsibility and describes his research on corporate political activity and related social pressure.
In the midst of the pandemic, we successfully hosted the annual conference of the International Association of Maritime Economists. In response to the theme of “Sustainable Development of Shipping and Trade”, the number of papers and abstracts received set a record for the highest number of submissions in the history of the conference.
At a time when the global economy has stagnated and lacks stimuli for growth, a finance entrepreneur alumnus introduces us to the concept of the “new real economy” and its relationship with the economic growth of China. He also shares his experience of exploring and applying the concept in the real world.
Thank you for reading. More than ever, I send best wishes and hope you are all safe, well, and happy.